The CBDT has notified ITR-7 for the Assessment Year 2024-25. The applicability of the ITR-7 form remains unchanged in the new form. The new ITR-7 requires additional details from taxpayers, and some changes in the ITR are consequential to the amendments made by the Finance Act 2023.
The article thoroughly analyses all key changes in form ITR-7, the highlights of which are as follows:
‣ Details of Legal Entity Identifier
‣ Computation of income on the applicability of Twenty-Second Proviso to Section 10(23C) or Section 13(10)
‣ Furnishing of acknowledgement number of the Audit Report and UDIN
‣ Reporting of the amount invested or deposited back to Corpus and repayment of loans
‣ Reporting of the exempted portion of Anonymous Donations
‣ Reporting of Inter-Charity Donations
‣ Schedule IE-1 extended to Section 10(46A) and 10(46B)
‣ Omission of Reference to Section 10(22B) in Schedule IE-1
‣ Details of filing Form 10 for accumulation of income
‣ Residuary clause for reporting of Additions
